6.FAIR VALUE

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

Securities available for sale: Quoted market prices in an active market are available for the Bank’s mutual fund investment and fall within Level 1 of the fair value hierarchy.

Except for the Bank’s mutual fund investment and its private label mortgage backed security, the fair value of securities available for sale is typically determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The Bank’s private label mortgage backed security remains illiquid, and as such, the Bank classifies this security as a Level 3 security in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures.” Based on this determination, the Bank utilized an income valuation model (present value model) approach in determining the fair value of this security.

See in this section of the filing under Footnote 2 “Investment Securities” for additional discussion regarding the Bank’s private label mortgage backed security.

Mortgage loans held for sale: The fair value of mortgage loans held for sale is determined using quoted secondary market prices. Mortgage loans held for sale are classified as Level 2 in the fair value hierarchy.

Derivative instruments: Mortgage Banking derivatives used in the ordinary course of business primarily consist of mandatory forward sales contracts (“forward contracts”) and interest rate lock loan commitments. The fair value of the Bank’s derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. The pricing is derived from market observable inputs that can generally be verified and do not typically involve significant judgment by the Bank. Forward contracts and rate lock loan commitments are classified as Level 2 in the fair value hierarchy.

Interest rate swap agreements used for interest rate risk management: Interest rate swaps are recorded at fair value on a recurring basis. The Company utilizes interest rate swap agreements as part of the management of interest rate risk to modify the repricing characteristics of certain portions of the Company’s interest-bearing liabilities. The Company values its interest rate swaps using Bloomberg Valuation Service’s derivative pricing functions and therefore classifies such valuations as Level 2. Valuations of these interest rate swaps are also received from the relevant counterparty and validated against internal calculations. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities.

Impaired loans: Collateral dependent impaired loans generally reflect partial charge-downs to their respective fair value, which is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral dependent loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Premises, held for sale: Premises held for sale are accounted for at the lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value.

Other real estate owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value.

Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Bank. Once the appraisal is received, a member of the Bank’s Credit Administration Department reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value in comparison with independent data sources, such as recent market data or industry-wide statistics. On at least an annual basis, the Bank performs a back test of collateral appraisals by comparing actual selling prices on recent collateral sales to the most recent appraisal of such collateral. Back tests are performed for each collateral class, e.g., residential real estate or commercial real estate, and may lead to additional adjustments to the value of unliquidated collateral of similar class.

Mortgage servicing rights: On at least a quarterly basis, MSRs are evaluated for impairment based upon the fair value of the MSRs as compared to carrying amount. If the carrying amount of an individual grouping exceeds fair value, impairment is recorded and the respective individual tranche is carried at fair value. If the carrying amount of an individual grouping does not exceed fair value, impairment is reversed if previously recognized and the carrying value of the individual tranche is based on the amortization method. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and that can generally be validated against available market data (Level 2).

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014, including financial assets and liabilities for which the Bank has elected the fair value option, are summarized below:

	Fair Value Measurements at
	March 31, 2015 Using:
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Securities available for sale:
U.S. Treasury securities and U.S. Government agencies	$	—	$	187,937	$	—	$	187,937
Private label mortgage backed security	—		—		5,235		5,235
Mortgage backed securities - residential	—		117,973		—		117,973
Collateralized mortgage obligations	—		136,607		—		136,607
Freddie Mac preferred stock	—		271		—		271
Mutual fund	1,027		—		—		1,027
Corporate bonds	—		15,095		—		15,095
Total securities available for sale	$	1,027	$	457,883	$	5,235	$	464,145

Mortgage loans held for sale	$	—	$	12,748	$	—	$	12,748
Rate lock commitments	—		497		—		497

Financial liabilities:
Mandatory forward contracts	—		125		—		125
Interest rate swap agreements	—		783		—		783

	Fair Value Measurements at
	December 31, 2014 Using:
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Value
Financial assets:
Securities available for sale:
U.S. Treasury securities and U.S. Government agencies	$	—	$	146,922	$	—	$	146,922
Private label mortgage backed security	—		—		5,250		5,250
Mortgage backed securities - residential	—		124,256		—		124,256
Collateralized mortgage obligations	—		143,171		—		143,171
Freddie Mac preferred stock	—		231		—		231
Mutual fund	1,018		—		—		1,018
Corporate bonds	—		15,063		—		15,063
Total securities available for sale	$	1,018	$	429,643	$	5,250	$	435,911

Mortgage loans held for sale	$	—	$	6,388	$	—	$	6,388
Rate lock commitments	—		250		—		250

Financial liabilities:
Mandatory forward contracts	—		33		—		33
Interest rate swap agreements	—		488		—		488

All transfers between levels are generally recognized at the end of each quarter. There were no transfers into or out of Level 1, 2 or 3 assets during the three months ended March 31, 2015 and 2014.

Private Label Mortgage Backed Security

The table below presents a reconciliation of the Bank’s private label mortgage backed security. This is the only asset that was measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the periods ended March 31, 2015 and 2014:

	Three Months Ended
	March 31,
(in thousands)	2015			2014

Balance, beginning of period	$	5,250		$	5,485
Total gains or losses included in earnings:
Net change in unrealized gain	(22		)	54
Recovery of actual losses previously recorded	35			32
Principal paydowns	(28		)	(301		)
Balance, end of period	$	5,235		$	5,270

The fair value of the Bank’s single private label mortgage backed security is supported by analysis prepared by an independent third party. The third party’s approach to determining fair value involved several steps: 1) detailed collateral analysis of the underlying mortgages, including consideration of geographic location, original loan-to-value and the weighted average Fair Isaac Corporation (“FICO”) score of the borrowers; 2) collateral performance projections for each pool of mortgages underlying the security (probability of default, severity of default, and prepayment probabilities) and 3) discounted cash flow modeling.

The significant unobservable inputs in the fair value measurement of the Bank’s single private label mortgage backed security are prepayment rates, probability of default and loss severity in the event of default. Significant fluctuations in any of those inputs in isolation would result in a significantly lower/higher fair value measurement.

The following table presents quantitative information about recurring Level 3 fair value measurements at March 31, 2015 and December 31, 2014:

	Fair		Valuation
March 31, 2015 (dollars in thousands)	Value		Technique	Unobservable Inputs	Range

Private label mortgage backed security	$	5,235	Discounted cash flow	(1) Constant prepayment rate	(1.5)% - 6.5%
				(2) Probability of default	3.0% - 9.1%
				(2) Loss severity	60% - 90%

	Fair		Valuation
December 31, 2014 (dollars in thousands)	Value		Technique	Unobservable Inputs	Range

Private label mortgage backed security	$	5,250	Discounted cash flow	(1) Constant prepayment rate	0.5% - 6.5%
				(2) Probability of default	3.0% - 6.2%
				(2) Loss severity	60% - 75%

Mortgage Loans Held for Sale

The Bank has elected the fair value option for mortgage loans held for sale. These loans are intended for sale and the Bank believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loan and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more nor on nonaccrual as of March 31, 2015 and December 31, 2014.

As of March 31, 2015 and December 31, 2014, the aggregate fair value, contractual balance (including accrued interest), and gain or loss was as follows:

(in thousands)	March 31, 2015		December 31, 2014

Aggregate fair value	$	12,748	$	6,388
Contractual balance	12,446		6,265
Gain	302		123

The total amount of gains and losses from changes in fair value included in earnings for the three months ended March 31, 2015 and 2014 for mortgage loans held for sale are presented in the following table:

	Three Months Ended
	March 31,
(in thousands)	2015		2014

Interest income	$	56	$	46
Change in fair value	178		(35		)
Total included in earnings	$	234	$	11

Assets measured at fair value on a non-recurring basis as of March 31, 2015 and December 31, 2014 are summarized below:

	Fair Value Measurements at
	March 31, 2015 Using:
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Value

Impaired loans:
Residential real estate:
Owner occupied	$	—	$	—	$	1,615	$	1,615
Non owner occupied	—		—		686		686
Commercial real estate	—		—		5,283		5,283
Home equity	—		—		1,191		1,191
Total impaired loans*	$	—	$	—	$	8,775	$	8,775

Other real estate owned:
Residential real estate	$	—	$	—	$	1,110	$	1,110
Commercial real estate	—		—		1,267		1,267
Construction & land development	—		—		2,443		2,443
Total other real estate owned	$	—	$	—	$	4,820	$	4,820

Premises, held for sale	$	—	$	—	$	1,284	$	1,284

	Fair Value Measurements at
	December 31, 2014 Using:
	Quoted Prices in		Significant
	Active Markets		Other		Significant
	for Identical		Observable		Unobservable		Total
	Assets		Inputs		Inputs		Fair
(in thousands)	(Level 1)		(Level 2)		(Level 3)		Value

Impaired loans:
Residential real estate:
Owner occupied	$	—	$	—	$	1,678	$	1,678
Non owner occupied	—		—		702		702
Commercial real estate	—		—		6,122		6,122
Home equity	—		—		1,346		1,346
Total impaired loans*	$	—	$	—	$	9,848	$	9,848

Other real estate owned:
Residential real estate	$	—	$	—	$	1,916	$	1,916
Commercial real estate	—		—		2,845		2,845
Construction & land development	—		—		4,427		4,427
Total other real estate owned	$	—	$	—	$	9,188	$	9,188

Premises, held for sale	$	—	$	—	$	1,317	$	1,317

* - The impaired loan balances in the above two tables exclude TDRs which are not collateral dependent. The difference between the carrying value and the fair value of impaired loans measured at fair value is reconciled in a subsequent table of this Footnote 6 and represents estimated selling costs to liquidate the underlying collateral on such debt.

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis at March 31, 2015 and December 31, 2014:

					Range
	Fair		Valuation	Unobservable	(Weighted
March 31, 2015 (dollars in thousands)	Value		Technique	Inputs	Average)

Impaired loans - residential real estate	$	1,615	Sales comparison approach	Adjustments determined for	0% - 28% (7%)
owner occupied				differences between
				comparable sales

Impaired loans - residential real estate	$	686	Sales comparison approach	Adjustments determined for	0% - 33% (18%)
non owner occupied				differences between
				comparable sales

Impaired loans - commercial real estate	$	1,791	Sales comparison approach	Adjustments determined for	0% - 9% (3%)
				differences between
				comparable sales

	$	3,492	Income approach	Adjustments for differences	3%-37% (22%)
				between net operating income
				expectations

Impaired loans - home equity	$	1,191	Sales comparison approach	Adjustments determined for	0% - 35% (17%)
				differences between
				comparable sales

Other real estate owned - residential	$	1,110	Sales comparison approach	Adjustments determined for	10% - 39% (25%)
real estate				differences between
				comparable sales

Other real estate owned - commercial	$	1,267	Sales comparison approach	Adjustments determined for	18% - 28% (20%)
real estate				differences between
				comparable sales

Other real estate owned - construction	$	374	Sales comparison approach	Adjustments determined for	13% (13%)
& land development				differences between
				comparable sales

	$	2,069	Income approach	Adjustments for differences	6% (6%)
				between net operating income
				expectations

Premises, held for sale	$	1,284	Sales comparison approach	Adjustments determined for	1% (1%)
				differences between
				comparable sales

					Range
	Fair		Valuation	Unobservable	(Weighted
December 31, 2014 (dollars in thousands)	Value		Technique	Inputs	Average)

Impaired loans - residential real estate	$	1,678	Sales comparison approach	Adjustments determined for	0% - 33% (7%)
owner occupied				differences between
				comparable sales

Impaired loans - residential real estate	$	702	Sales comparison approach	Adjustments determined for	0% - 33% (18%)
non owner occupied				differences between
				comparable sales

Impaired loans - commercial real estate	$	2,615	Sales comparison approach	Adjustments determined for	0% - 9% (2%)
				differences between
				comparable sales

	$	3,507	Income approach	Adjustments for differences	3%-37% (22%)
				between net operating income
				expectations

Impaired loans - home equity	$	1,346	Sales comparison approach	Adjustments determined for	0% - 35% (12%)
				differences between
				comparable sales

Other real estate owned - residential	$	1,916	Sales comparison approach	Adjustments determined for	9% - 23% (19%)
real estate				differences between
				comparable sales

Other real estate owned - commercial	$	1,378	Sales comparison approach	Adjustments determined for	11% - 14% (13%)
real estate				differences between
				comparable sales

	$	1,467	Income approach	Adjustments for differences	19% (19%)
				between net operating income
				expectations

Other real estate owned - construction	$	2,000	Sales comparison approach	Adjustments determined for	13% - 70% (38%)
& land development				differences between
				comparable sales

	$	2,427	Income approach	Adjustments for differences	8% - 9% (8%)
				between net operating income
				expectations

Premises, held for sale	$	1,317	Sales comparison approach	Adjustments determined for	1% (1%)
				differences between
				comparable sales

The following section details impairment charges recognized during the period:

Impaired Loans

Collateral dependent impaired loans are generally measured for impairment using the fair value of the underlying collateral. The Bank’s practice is to obtain new or updated appraisals on the loans subject to the initial impairment review and then to evaluate the need for an update to this value on an as necessary or possibly annual basis thereafter (depending on the market conditions impacting the value of the collateral). The Bank may discount the appraisal amount as necessary for selling costs and past due real estate taxes. If a new or updated appraisal is not available at the time of a loan’s impairment review, the Bank may apply a discount to the existing value of an old appraisal to reflect the property’s current estimated value if it is believed to have deteriorated in either: (i) the physical or economic aspects of the subject property or (ii) material changes in market conditions. The impairment review generally results in a partial charge-off of the loan if fair value less selling costs are below the loan’s carrying value. Impaired loans that are collateral dependent are classified within Level 3 of the fair value hierarchy when impairment is determined using the fair value method.

Impaired loans, which are measured for impairment using the fair value of the collateral for collateral dependent loans are as follows:

(in thousands)	March 31, 2015		December 31, 2014

Carrying amount of loans measured at fair value	$	7,646	$	8,343
Estimated selling costs considered in carrying amount	1,129		1,505
Total fair value	$	8,775	$	9,848

Other Real Estate Owned

Other real estate owned, which is carried at the lower of cost or fair value, is periodically assessed for impairment based on fair value at the reporting date. Fair value is determined from external appraisals using judgments and estimates of external professionals. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3. All of the Bank’s individual other real estate owned properties were carried at the lower of their fair value or cost at March 31, 2015 and December 31, 2014.

Details of other real estate owned carrying value and write downs follow:

(in thousands)	March 31, 2015		December 31, 2014

Other real estate carried at fair value	$	4,820	$	9,188
Other real estate carried at cost	1,916		2,055
Total carrying value of other real estate owned	$	6,736	$	11,243

	Three Months Ended
	March 31,
(in thousands)	2015		2014

Other real estate owned write-downs during the period	$	484	$	884

Premises, Held for Sale

The Company closed its Hudson, Florida banking center on January 16, 2015. The Hudson premises were held for sale at March 31, 2015 and December 31, 2014 and carried at $1 million, its fair value less estimated selling costs. Fair value was determined from an external appraisal using judgments and estimates. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3.

The Hudson premises were written down $33,000 during the three months ended March 31, 2015, with no similar write-down for the same period in 2014.

Mortgage Servicing Rights

MSRs are carried at lower of cost or fair value. No MSRs were carried at fair value at March 31, 2015 and December 31, 2014.

The carrying amounts and estimated fair values of all financial instruments, at March 31, 2015 and December 31, 2014 follows:

			Fair Value Measurements at
			March 31, 2015:
									Total
	Carrying								Fair
(in thousands)	Value		Level 1		Level 2		Level 3		Value

Assets:
Cash and cash equivalents	$	136,349	$	136,349	$	—	$	—	$	136,349
Securities available for sale	464,145		1,027		457,883		5,235		464,145
Securities be held to maturity	44,574		—		45,133		—		45,133
Mortgage loans held for sale, at fair value	12,748		—		12,748		—		12,748
Loans, net	3,130,805		—		—		3,168,766		3,168,766
Federal Home Loan Bank stock	28,208		—		—		—		NA
Accrued interest receivable	8,885		—		8,885		—		8,885

Liabilities:
Non interest-bearing deposits	666,166		—		666,166		—		666,166
Transaction deposits	1,459,592		—		1,459,592		—		1,459,592
Time deposits	254,459		—		254,586		—		254,586
Securities sold under agreements to repurchase and other short-term borrowings	332,534		—		332,534		—		332,534
Federal Home Loan Bank advances	596,500		—		613,356		—		613,356
Subordinated note	41,240		—		41,235		—		41,235
Accrued interest payable	1,271		—		1,271		—		1,271

NA - Not applicable

			Fair Value Measurements at
			December 31, 2014:
									Total
	Carrying								Fair
(in thousands)	Value		Level 1		Level 2		Level 3		Value

Assets:
Cash and cash equivalents	$	72,878	$	72,878	$	—	$	—	$	72,878
Securities available for sale	435,911		1,018		429,643		5,250		435,911
Securities be held to maturity	45,437		—		45,807		—		45,807
Mortgage loans held for sale, at fair value	6,388		—		6,388		—		6,388
Loans, net	3,016,085		—		—		3,045,443		3,045,443
Federal Home Loan Bank stock	28,208		—		—		—		NA
Accrued interest receivable	8,807		—		8,807		—		8,807

Liabilities:
Non interest-bearing deposits	502,569		—		502,569		—		502,569
Transaction deposits	1,290,400		—		1,290,400		—		1,290,400
Time deposits	265,213		—		265,858		—		265,858
Securities sold under agreements to repurchase and other short-term borrowings	356,108		—		356,108		—		356,108
Federal Home Loan Bank advances	707,500		—		721,346		—		721,346
Subordinated note	41,240		—		41,198		—		41,198
Accrued interest payable	1,262		—		1,262		—		1,262

NA - Not applicable

Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the Bank’s estimates.

The assumptions used in the estimation of the fair value of the Company’s financial instruments are explained below. Where quoted market prices are not available, fair values are based on estimates using discounted cash flow and other valuation techniques. Discounted cash flows can be significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. The following fair value estimates cannot be substantiated by comparison to independent markets and should not be considered representative of the liquidation value of the Company’s financial instruments, but rather a good-faith estimate of the fair value of financial instruments held by the Company.

In addition to those previously disclosed, the following methods and assumptions were used by the Company in estimating the fair value of its financial instruments:

Cash and cash equivalents — The carrying amounts of cash and short-term instruments approximate fair values and are classified as Level 1.

Loans, net of Allowance — The fair value of loans is calculated using discounted cash flows by loan type resulting in a Level 3 classification. The discount rate used to determine the present value of the loan portfolio is an estimated market rate that reflects the credit and interest rate risk inherent in the loan portfolio without considering widening credit spreads due to market illiquidity. The estimated maturity is based on the Bank’s historical experience with repayments adjusted to estimate the effect of current market conditions. The Allowance is considered a reasonable discount for credit risk. The methods utilized to estimate the fair value of loans do not necessarily represent an exit price.

Federal Home Loan Bank stock — It is not practical to determine the fair value of FHLB stock due to restrictions placed on its transferability.

Accrued interest receivable/payable — The carrying amounts of accrued interest, due to their short-term nature, approximate fair value resulting in a Level 2 classification.

Deposits — Fair values for certificates of deposit have been determined using discounted cash flows. The discount rate used is based on estimated market rates for deposits of similar remaining maturities and are classified as Level 2. The carrying amounts of all other deposits, due to their short-term nature, approximate their fair values and are also classified as Level 2.

Securities sold under agreements to repurchase and other short-term borrowings — The carrying amount for securities sold under agreements to repurchase and other short-term borrowings generally maturing within ninety days approximates its fair value resulting in a Level 2 classification.

Federal Home Loan Bank advances — The fair value of the FHLB advances is obtained from the FHLB and is calculated by discounting contractual cash flows using an estimated interest rate based on the current rates available to the Company for debt of similar remaining maturities and collateral terms resulting in a Level 2 classification.

Subordinated note — The fair value for subordinated debentures is calculated using discounted cash flows based upon current market spreads to London Interbank Borrowing Rate (“LIBOR”) for debt of similar remaining maturities and collateral terms resulting in a Level 2 classification.

The fair value estimates presented herein are based on pertinent information available to management as of the respective period ends. Although management is not aware of any factors that would dramatically affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, estimates of fair value may differ significantly from the amounts presented.